United Integrated Services Co., Ltd. (2404.TW)

United Integrated Services Co., Ltd. (2404.TW) — VMCI valuation read

Headline read on 2404.TW: VMCI of 65/100 versus a Industrials sector median of 50. The 15-point above-median position is what makes United Integrated Services Co., Ltd. a relative-value candidate in the mid-cap cohort, before any pillar-level review.

Form 4 filings on 2404.TW: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.

**Investor frame.** Three reads on 2404.TW: value (2404.TW trades at 17.0x earnings, 6% below the Industrials median of 18.0x), quality (ROIC of 19.0% sits 9.0pp above the Industrials median (10.0%)), and risk (net debt to EBITDA of -0.9x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Industrials 12.0x baseline.

2404.TW fell 0.2% over the trailing 7 days, with a +1.6% read on a 30-day basis.